The Real Deal Miami

BankUnited gets troubled retail property in downtown Jacksonville

The developer of the 18,000-square-foot, ground-floor retail space transferred title to the Miami Lakes based bank in lieu of foreclosure

December 23, 2017 11:20AM

220 Riverside in downtown Jacksonville

A developer of retail space in downtown Jacksonville transferred title to the property to Miami Lakes-based BankUnited.

BankUnited took ownership of about 18,000 square feet of ground-floor retail space in a complex called 220 Riverside, which has 294 apartments.

Developer Hallmark Partners transferred title to the downtown retail space, valued at $5.4 million, to BankUnited in lieu of foreclosure.

Restaurants Hobnob and Brixx Wood Fired Pizza occupy two of the four retail spaces at 220 Riverside. The other two spaces include a community meeting room and the vacated location of a restaurant called Sbraga & Company, which closed in July 2016.

Alex Coley, a principal of Hallmark Partners, told the Jacksonville Times-Union the retail space had not “developed as quickly as we hoped.”

Hallmark Partners also sold its share of the 294 apartments to Mid-American Apartments, which co-developed 220 Riverside. The Jacksonville Times-Union reported that 95.5 percent of the apartments are occupied. [Jacksonville Times-Union] – Mike Seemuth